U.S. Smart Lock Market Report 2021-2026: Growing Adoption Of 5G And Smartphone Penetration, High Disposable Income, Increasing Demand For Safety And Convenience
DUBLIN, June 25, 2021 /PRNewswire/ -- The "U.S. Smart Lock Market - Industry Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The U.S. smart lock market by revenue is expected to grow at a CAGR of approx. 12% during the period 2020-2026.
With the increased internet and smartphone penetration, the smart lock market is likely to observe considerable growth during the forecast period due to the high adoption of these intelligent technologies in several end-users such as educational institutions, hospitals, government offices.
Moreover, to prevent invasion and unauthorized access, the market is likely to observe a substantial expansion in demand from households. Smart city initiatives by the US government and the growing focus on adopting intelligent technology for better living standards, provide huge growth potential to innovative lock vendors.
U.S. SMART LOCK MARKET SEGMENTATION
However, lever handle locks expect to grow at a CAGR of 10.76% due to the growth of the commercial sector and the growing adoption of inner doors in hotels and residential houses. The market expects to face certain hindrances as they are comparatively challenging to install, thereby hampering its share in the market. Growing concerns over safety and security due to the rising number of theft and burglary cases in both residential and industrial sectors lead to the demand for smart padlocks. The US padlock market expects to reach USD 376.46 million by 2026.
In terms of authentication methods, PIN/Code smart locks are leading the market in the US, holding a share of over 47%. The high demand for biometric, PIN/Code and RFID-based locking systems comes from the residential sector and followed by the commercial sector. The RFID card is the fastest-growing segment and is expected to grow at the CARG of over 14% during the forecast period 2021-2026. The high adoption of IoT, machine learning, and artificial intelligence technology in the US and continuous innovations for unlocking the door generate better opportunities for the market's growth.
Most of the US population is working professionals and mostly stay in the office, leading to the rising demand for smart keyless locks. All intelligent lock functions subject to substantial risks. A certain number of people are doubtful with respect to the reliability of smart door locks. Privacy and hacking challenges associated with these systems are likely to pose challenges to the growth of the market, thereby hampering the overall smart lock market.
INSIGHTS BY GEOGRAPHY
Government initiatives toward smart cities influence and drive people toward technology-driven products, thereby leading to the high demand for internet-based solutions. WI-FI-enabled locking systems are popular in the US population as they offer several benefits, including convenience. Hence, the demand for Wi-Fi systems expects to grow during the forecast period.
Premium hotels are the primary users of these systems to provide safety and security to their guests. The increasing number of hotels in the US offers high growth opportunities to vendors in the market. The COVID-19 pandemic has a major impact on the market as most smart lock technology companies are situated in the US.
INSIGHTS BY VENDORS
Although established players dominate the market, growth opportunities for other new entrants also exist as they target the developing end-markets or cities by producing low-cost products. The competitive intensity of the market is higher in Western and Southern parts of the US due to the large number of smart homes boosting the demand for smart locks.
Other Prominent Vendors
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/n60qgn
Research and Markets
View original content:http://www.prnewswire.com/news-releases/us-smart-lock-market-report-2021-2026-growing-adoption-of-5g-and-smartphone-penetration-high-disposable-income-increasing-demand-for-safety-and-convenience-301320209.html
SOURCE Research and Markets
IoT Evolution #TECHSUPERSHOW Networking Live Party
The Compelling Case for LiDAR
Keynote Presentation - Open to all Badge Holders